PBWT

MAY 22, 2022

Since companies facing bankruptcy usually try to keep an anticipated filing quiet in order to prevent creditors from taking adverse actions, customers may unexpectedly lose control over their crypto assets. Furthermore, a debtor may use or sell its property either in the ordinary course of business or with court authorization.

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Bankruptcy Debtor Unsecured Creditor Creditors 109

ABI

JANUARY 22, 2024

In a Chapter 12 bankruptcy, the debtor generally proposes a plan for repaying creditors from future earnings. [1] 1] Under a Chapter 12 plan, secured creditors will generally be paid in full, while unsecured creditors will often receive less than full payment. [2] 10] These loans were secured by $1.45

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Secured Creditor Creditors Bankruptcy Unsecured Creditor 40

Debt RR

APRIL 22, 2021

However, if the debtor owes a significant amount, you may want to consider pursuing the debt in bankruptcy court. Even in a best-case scenario — as a secured creditor — you could be waiting up to six years to receive payment. These will contain a listing of the amounts owed to each creditor, whether secured or unsecured.

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Debtor Unsecured Creditor Bankruptcy Creditors 49

Fraser

JUNE 25, 2020

The petition date is the date on which a debtor files a chapter 11 bankruptcy proceeding. The debtor is required to serve all known creditors with notice of the commencement of the chapter 11 case. Such relief may include a request to pay some unsecured creditors (such as employees or “critical vendors”) ahead of others.

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Creditors Bankruptcy Unsecured Creditor Debtor 72

ABI

JANUARY 12, 2022

Subject to court approval, a trustee or debtor in possession may assume or reject an executory contract or unexpired lease of a debtor under section 365 of title 11 of the United States Code (the “Bankruptcy Code”). [i] i] The trustee or debtor in possession must cure any defaults to assume a contract or lease. [ii]

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Debtor Bankruptcy Unsecured Creditor Secured Creditor 40

Jimerson Firm

JULY 1, 2020

Furthermore, in the event the collateral was pledged to multiple lenders, lenders will need to know how to discern whether their assignment of life insurance takes precedent over the collateral interest of a competing secured creditor.

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Collateral Loans Lender Secured Creditor 98

PBWT

DECEMBER 13, 2020

Because it was solvent at confirmation, the debtor proposed to pay secured creditors in full, with interest at the contract rate, and general unsecured creditors in full, with postpetition interest at the “legal rate,” or a rate determined by the Court that leaves the creditors unimpaired. [1]

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Unsecured Creditor Bankruptcy Debtor Creditors 65

PBWT

OCTOBER 27, 2021

The debtor operated 28 franchise restaurants primarily in the Sun Belt region. The debtor encountered financial problems related to the onset of the COVID-19 pandemic, resulting in a chapter 11 filing in April 2021. In re Platinum Corral, LLC , No. 21-00833-5-JNC, 2021 WL 4695327 (Bankr. Bankruptcy Judge Joseph N. ’" Id.

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Creditors Debtor Collateral Unsecured Creditor 59

PBWT

JANUARY 19, 2021

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing. ” [ii] In December, the Supreme Court granted certiorari and on Thursday adopted the minority view. [i]

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Bankruptcy Debtor Creditors Repossession 65

PBWT

MARCH 2, 2021

There are only a handful of examples, and for many debtors it is not an option. In Belk’s case, 99% of the First Lien Term Loan Claims and 100% of the Second Lien Term Loan Claims – the creditors absorbing that $450 million debt reduction – supported the plan. Due Process.

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Bankruptcy Debtor Creditors Trade 65

Collections Law

DECEMBER 14, 2021

Unfortunately, many debtors do not readily pay up, even with a court order against them. Those methods often include seizing the debtor’s assets. When it comes to debt collection, you or your company seeks to takes control of the debtor’s assets, rather than the government.

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Commercial Collection Collections Debtor Judgment 52

Sawin & Shea

APRIL 24, 2024

Before someone makes a bankruptcy filing, it is not uncommon for debtors to feel as if they have to make some tough decisions. Which creditors can they pay? This typically occurs because the debtor doesn’t have the money to pay all of their creditors, so they feel they need to rank which ones are more important to pay first.

Bankruptcy 52

Bankruptcy Unsecured Creditor Debtor Creditors 52

Mich Bankruptcy Blog

AUGUST 3, 2020

Once a Chapter 7 debtor receives a discharge of personal debts, creditors are enjoined from taking action to collect, recover, or offset such debts. However, unlike personal debts, liens held by secured creditors “ride through” bankruptcy.

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Creditors Secured Creditor Bankruptcy Debtor 40

PBWT

AUGUST 29, 2021

1] In VeroBlue , the bankruptcy court entered an order confirming a plan that awarded control of the reorganized debtor to the majority equity holder, Alder Aqua, Ltd. 2] Immediately after confirmation of the plan, the pre-petition senior secured lender received $6 million out of a $13.5 the “Sponsor”). [2] from the $13.5

Debtor 65

Debtor Unsecured Creditor Creditors Secured Creditor 65

ABI

JANUARY 19, 2024

held that a secured creditor has the right to receive monetary payment for property sales based on its lien on “accounts.” The Bankruptcy Court further held the secured creditor's prepetition lien on accounts did not extend to proceeds from court-approved postpetition sale of real property. the “Debtor”) $1.5

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Secured Creditor Bankruptcy Debtor Collateral 40

Taurus Collect

DECEMBER 29, 2022

Under the law, creditors cannot communicate with the debtor if they have filed for bankruptcy. Several times debtors’ obligations are way higher than their assets and resources. If that is the case, it becomes impossible for them to pay back all their creditors. Do the math.

Bankruptcy 52

Bankruptcy Unsecured Creditor Creditors Debtor 52

Sawin & Shea

NOVEMBER 15, 2023

In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets. If a debtor has assets that are not protected under those statutes, the trustee can liquidate those items and use the proceeds to pay creditors back something.

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Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

Sawin & Shea

JANUARY 25, 2022

However, if you file for bankruptcy, it can put a pause on debt collection, including actions by secured creditors. In a Chapter 7 you will be given a choice to either allow secured creditors to seize your collateral or continue to make payments until the debt is paid off.

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Unsecured Debt Collateral Secured debt Bankruptcy 52

Burr Forman

JANUARY 7, 2022

From Burr & Forman’s Greenville office: Rachel Gilbert is a member of the firm’s Health Care Practice Group, focusing on assisting hospital clients with regulatory compliance, transactions, financial strategies, and advocacy related to participation in federal and state reimbursement programs.

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Bankruptcy Creditors Secured Creditor Manufacturing 52

Debt Free Colorado

MARCH 3, 2023

This type of bankruptcy does not stop secured creditors from seizing your property, so if you have money to pay the debt, this isn’t the best option to take. This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment.

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Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Consumer Financial Services Law

JANUARY 31, 2020

The Court also considered and rejected a related argument made by the debtor that Section 362 should be read in pari materia with 542(a)’s “allegedly self-effectuating” turnover provision. Section 542 provides that an entity in possession, custody, or control of property of the debtor “shall deliver” the property to the bankruptcy trustee.

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Collateral Repossession Bankruptcy Chapter 13 bankruptcy 40

Collection Industry News

DECEMBER 21, 2020

In January 2009, after a homeowner (“debtor”) fell behind on his homeowners’ association (HOA) dues, a law firm acting as a debt collector for the HOA sent notices to the debtor regarding the unpaid debt. The law firm filed a separate proof of claim for the HOA, and the debtor’s Chapter 13 plan was eventually confirmed.

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Bankruptcy Chapter 13 bankruptcy Law Firms Debtor 40

PBWT

JULY 8, 2020

These claims are entitled to priority for actual and necessary goods and services supplied to a debtor in bankruptcy. For a claim to qualify for administrative expense status, a debtor must request that the claimant provide goods and services post-petition or induce the claimant to do so. million for pre-demobilization expenses and $2.65

Bankruptcy 40

Bankruptcy Unsecured Creditor Secured Creditor Debtor 40

Hudson Weir

APRIL 15, 2021

This may include stock, cash, raw materials, debtors, fixtures and fittings, vehicles or intellectual property. In an insolvency procedure, the money that becomes available for creditors is repaid in the following order of priority: Secured creditors, including those who hold a legal mortgage, a legal charge or a fixed charge, are paid first.

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Unsecured Creditor Lender Creditors Secured Creditor 52

Collection Industry News

SEPTEMBER 29, 2020

The Bankruptcy Court retains discretion to extend these deadlines for “circumstances for which the debtor should not justly be held accountable.”. Similarly, debtors must file financial reports required by Section 1116(1) on the petition date, periodic performance reports required by Section 308, and their schedules and statements.

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Bankruptcy Creditors Debtor Lawyers 45

ABI

JANUARY 16, 2020

Under section 363 of title 11 of the United States Code (the “Bankruptcy Code”), a trustee or debtor-in-possession may sell the debtor’s assets. John’s University School of Law. American Bankruptcy Institute Law Review , Staff Member. A trustee may avoid such a sale or recover damages if the sale process is controlled by collusion. [i]

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Bankruptcy Secured Creditor Debtor Creditors 40

BN Lawyers

MARCH 23, 2020

Taking additional debt in that situation just dilutes recovery for creditors and opens management up to potential liability. If so, the company may qualify as a small business debtor under the Small Business Reorganization Act of 2019 (the “ SBA ”). Drawing on secured credit facilities is less of a winning proposition.

Bankruptcy 67

Bankruptcy Creditors Lender Lawyers 67

Debt RR

DECEMBER 13, 2019

Many businesses are both debtors and creditors. Secured Creditors. Unsecured Creditors. The lower a creditor is on the list, the less likely it is to receive a payout during liquidation. Businesses restructuring debt typically do so because they’re having trouble meeting obligations, and it goes both ways.

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Chapter 7 bankruptcy Bankruptcy Creditors Retail 42

PBWT

FEBRUARY 7, 2021

Debtor Fred Jay Bressler, M.D. Two mortgage companies held more than $800,000 in secured claims, and 33 creditors had unsecured claims totaling about $1.1 The plan proposed to pay unsecured creditors $300,000 over five years and to make regular mortgage payments to the secured creditors.

Creditors 73

Creditors Bankruptcy Unsecured Creditor Unsecured Debt 73

Burr Forman

JULY 24, 2020

His practice focuses on all aspects of corporate restructuring, bankruptcy, and insolvency proceedings, including Section 363 sales, disorderly winddowns, preference, and fraudulent transfer litigation, as well as debtor and secured creditor representation.

Secured Creditor 40

Secured Creditor Bankruptcy Creditors Debtor 40

Collection Industry News

DECEMBER 21, 2020

Pre-COVID-19, consumers were required to appear in person for section 341 meetings where they were examined under oath by bankruptcy trustees and creditors. Under the CBRA, consumer debtors will still be examined at 341 meetings, but those meetings can be conducted remotely. Debtors’ Attorneys Paid over Time.

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Bankruptcy Chapter 7 bankruptcy Student loans Student Loans 40

ABI

FEBRUARY 26, 2025

Bankruptcy Court for the Southern District of New York held that the debtors retained the rights to the assets from users cryptocurrency accounts (Earn Accounts) and, therefore, were permitted to sell the stablecoins contained therein. [1] billion with stablecoins comprising around $23 million of this amount. [4] 1] See 647 B.R.

Bankruptcy 40

Bankruptcy Debtor Unsecured Creditor Creditors 40

ABI

JANUARY 21, 2020

military salary, less a 7.65% adjustment for Social Security and Medicare and a 15% administrative adjustment. [2] 3] The Debtor, an employee of the New York City Police Department, participated in the Extended Military Benefits Program after he engaged in a covered operation with the U.S. from the City and $153,581.10 2] See id. [3]

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Bankruptcy Debtor Creditors Secured Creditor 40